should you buy an extended car warranty?
Wednesday, July 28th, 2010 at
10:27 am
Editor’s Comment:
Auto warranties are without doubt a great help to thousands of people every week who do not have to pay for auto repairs as the warranty picks up the tab. However, we know there are auto warranty scams out there and you have to be careful. Do your own research is our advice. In fact start with a free, no obligation auto warranty quote to match your vehicle and budget. Click here to begin
no, unless your buying a brand new model,
a first year car like the new Camaro or Chevy Volt. a totally new design. First year cars usually have some things that need to be ironed out.
No it is a waste of money! The insurance company is betting that nothing will break and you are wagering it will guess who wins. ( It ain’t you!)
yes from the manufacturer ebcause my moms car had a recall and they didnt want to give her a new engine and after she showed them the warrenty and told them she wouldn bring them to court they gave her a new engine for free
All it really does is prepay for a repair in advance. So what you are doing is betting your transmission will fail and paying for the repairs in advance.
You are much better off taking that money, investing it in a good mutual fund and using the earnings from your investment to pay for any repairs if and when they occur. Many times these warranties expire with you never using the coverage and they cost way too much money. Plus they always seem to find a good reason not to cover your repair.
How much is peace of mind worth? If you never have a claim, you could believe it’s a waste of money. If you DO have a claim, it’s the best value you ever got. Do you believe the same of health insurance? It’s a waste of money if you never get sick. But if you do get sick, you can go bankrupt without it. If you have the money, get it. Of course, evaluate the price & coverage.
Yes … from the manufacturer only. And only if you are going to keep the car longer than the factory warranty. You need the piece of mind they provide should something expensive need repair, like an a/c compressor, transmission or axle assemblies.
Be sure you know how long you expect to keep the car so you’ll know how many months and miles of coverage you’ll need. Also, check the prices for a $0, $100 and $200 deductible and be sure the deductible is PER VISIT, not per repair.
An extended warranty is the same as having car insurance. You don’t buy it b/c you plan on having an accident. But if you do have one, it’s a relief to know you are covered. And although you don’t plan on your car breaking down, it’s a relief to know you’re covered if it does.
do you believe in car ins or do you have it banking on the fact you will get into an accident? do you believe in health ins or do you have it banking on the fact that you will get sick or hurt? our bodies are made by god and they dont always run correctly, so why would a machine mad by man run any better?
it boils down to whether you believe in ins or notbecause thats all it really is, ins. so its up to you.
but i do like how all these people ( here, consumers report, where ever) will say not to buy extened warrantys. i wonder if you took there advise and something did go wrong, if theyd help pay for the repair???
Yes, but only from the manufacturer. For example, if you bought a Ford Edge, buy only a Ford Extended Service Plan. Dealers will try to sell you some aftermarket brands but ask specifically for the manufacturer extended warranty.
Aftermarket companies frequently go out of business then the policy holder is stuck with a useless piece of paper. Manufacturers are more stable, you have more access to the dealers and their repair facilities.
nickeymhp, I’ve always purchased an extended auto warranty for every vehicle I’ve owned in the last 7 years. I used to get them from the dealer, but lately it’s cheaper to get them from an aftermarket company that specializes in warranties. http://www.autoadviceonline.com/Warranty-Quote.html They offer free quotes, so it’s easy to see how much one would cost for your car.